- ArbitrumDAO proposed to upgrade its Layer 2 chains to Atlas, a version of the blockchain that supports Ethereum’s Dencun upgrade.
- The proposal was passed with a 51% majority of the 186.59 million votes cast by community members.
- ARB price rallied 8% on Tuesday, inching closer to its 2024 peak of $2.42.
Arbitrum DAO passed a proposal to upgrade its two Layer 2 blockchains to accommodate Ethereum’s upcoming Dencun upgrade. The community passed the proposal, and the chain is now gearing up for low-cost transaction processing on the Ethereum chain.
ARB price rallied in response to recent developments. The asset is trading at $2.1389 at the time of writing.
Also read: Arbitrum price resumes rally with Web3 gameathon plan for March
Arbitrum passes proposal to welcome Dencun upgrade
The ArbitrumDAO announced that the project has passed a proposal to upgrade Arbitrum One and Arbitrum Nova to ArbOS 20, “Atlas.” The blockchain platform asked node operators to upgrade their node to version 2.3.1 or higher before March 14, 2024, to avoid any downtime when Ethereum upgrades to Dencun.
The ArbitrumDAO proposal to upgrade Arbitrum One and Arbitrum Nova to ArbOS 20 “Atlas” has passed.
— Arbitrum Developers (,) (@ArbitrumDevs) March 4, 2024
All node operators must upgrade their Nitro node to version 2.3.1 or higher before March 14, 2024 to avoid downtime. https://t.co/neKNpKKd9Ahttps://t.co/Ge2eCTIzJi
The proposal includes several updates, including support for Dencun and Batch Poster improvements. The node upgrade is mandatory for Arbitrum’s operators as it will bring Layer 2 costs down for the chain’s users. Ethereum is set to activate its upgrade on March 13.
Scope Protocol, an AI data project shared research insights that reveals the Layer 2 narrative is likely to target the top three tokens in the ecosystem: Optimism (OP), Arbitrum (ARB), Stark (STRK).
It's important to note that Arbitrum (ARB), and Optimism (OP) have token unlocks scheduled near the Dencun upgrade. It remains to be seen whether this will have a bullish or bearish impact on ARB price in the days leading up to March 13.
2/
— 0xScope (@ScopeProtocol) March 5, 2024
The Alphas: $OP $ARB $STRK
As leaders of the Layer-2 space, traders in the L2 narrative will likely target these 3 tokens first. It's only a matter of when.
Also, $ARB & $OP will have major token unlocks near Dencun. Will these unlocks be bullish or bearish? Let's ask AI: pic.twitter.com/aMEB7Xi9Rm
ARB price is $2.1389, early on Tuesday and the asset has yielded nearly 11% weekly and 8% daily gains for holders.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Here are the best and worst-performing cryptocurrencies in H1 2024
A recent report by Crypto Koryo on Wednesday revealed meme coins as the top performers among cryptocurrencies so far in 2024, with several altcoins coming in behind. The worst-performing tokens are DeFi and governance tokens.
Ethereum poised to follow Nvidia's steps as Bitwise files updated S-1 draft
Ethereum (ETH) is down 3% on Wednesday following Bitwise filing an updated S-1 draft and a wider market downturn with potential Mt. Gox BTC supply flooding the market.
What to expect from altcoins as ETH ETF approval draws closer
As the crypto market continues consolidating on Wednesday, altcoins show mixed signals ahead of the spot ETH ETF launch. Many have predicted that the alt season may not occur in this cycle following the market lull. However, two key metrics suggest otherwise.
PolitiFi meme coins surge as Biden support lowers
Crypto prediction markets favor Kamala Harris over President Joe Biden as Democratic nominee in upcoming presidential elections. Meme coins based on Vice President Harris rallied amid BODEN token's 30% decline. Other tokens based on possible replacements for Biden experienced similar surges.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.